Automobile insurance: Drivers save with “clever” insurance policies – with out a black field or velocity limiter – Specific

A recent study found that a fifth of UK adults do not understand the difference between voluntary and compulsory deductibles. Another in seven UK adults admits they have no idea how insurance policy deductibles work.

Speaking exclusively to Express.co.uk, he said, “The way we develop our products is very customer driven and one of the things we are really proud of is that we have live chat for customer support to offer.

“This is available around the clock, 365 days a year. It takes a lot of effort to do this, but if you want to ask us a question about your policy at 3am on Christmas morning, they can.

“I think we should have to work around the customer instead of having them work around us. That's why we make much more customer-oriented products.

“The insurers' data sets from the old days, where they have data on decades and decades of driving behavior, are significantly less relevant.

"That's why you have to use modern technology to get real-time driving data."

Cuvva uses drivers' smartphones to track their journey, avoiding the middleman who has to install any gadgets in their car.

This would eliminate the need for a formal black box or speed limiter and replace it with something every driver has with them at all times, making it more convenient for the driver.

Insurers tend to base prices based on the length of time the person has been driving, which has a huge impact on drivers who recently passed their practical exam.

Prices may also vary according to the time of year, as more accidents with more difficult driving conditions occur in the winter months.

Smart Pricing uses the smartphone's computing power and sensors to track driving levels in the hopes of offering a much fairer insurance price.

First, the driver has to drive 125 miles, then the price will adjust according to the driving behavior of the vehicle owner.

Mr Gould said they are using smartphones instead of telematics devices to save the driver additional hassle.

He continued: “One reason for the free cancellation fees is that the fees for telematics products are extremely high.

“Sometimes they can go as high as £ 125 as they have to cover the cost of the black box to cancel.

"We do not need that. We think that's totally unfair.

"We want to pull the insurance industry into the modern world with kicks and shouts."

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